Karachi: The KSE-100 Index experienced a turbulent trading session, opening on a slightly positive note but ultimately closing with a loss of 85 points at 77,746. Market volumes decreased by 7% compared to the previous session, indicating a lower trading activity. The Index now trades below the crucial 50-day Simple Moving Average (SMA), reflecting a bearish sentiment among investors.

According to AKD Securities Limited, the technical analysis reveals negative momentum, as the Moving Average Convergence Divergence (MACD) Histogram approaches the signal line in negative territory. The Relative Strength Index (RSI) is recorded at 46.72, below the neutral threshold of 50, suggesting a lack of upward momentum. The Daily Parabolic SAR signals potential downtrends, appearing below the current stock levels, which could influence future trading strategies.

The immediate support for the index is projected near 77,500 points. If this level is breached, the index might test further lows at 77,200 and 76,800 points. On the flip side, resistance is expected near 78,100 points, with potential to extend gains towards 78,500 and 78,800 points. AKD Securities advises traders to consider buying near the support zones while maintaining stop-loss orders to manage risks effectively.

Furthermore, individual stock performance varied, with certain scrips recommended for buying and selling based on targeted price ranges and expected support and resistance levels. For instance, Airlink is suggested for buying between 138.00 and 146.00 with a stop-loss at 135.00, while Cnergy is flagged for selling between 3.70 and 3.40 with a stop-loss at 3.85.